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Report and accounts 2006
Our business lines
Buyouts: Gross portfolio return
29%
Buyouts
Focusing on mid-market transactions in Europe, targeting 15 investments per year, each with a value of up to €1bn.
Case studies
Growth Capital: Gross portfolio return
26%
Growth Capital
Making minority investments in established and profitable businesses across Europe, Asia and now the US, investing €10m to €150m per transaction.
Case studies
Venture Capital: Gross portfolio return
17%
Venture Capital
Investing in early and late-stage technology companies, typically in the €2m to €50m range in Europe and the US. We focus on the software, communications, healthcare and electronics sectors.
Case studies
Gross portfolio return for the year to 31 March
| 2006 % |
2005 % |
|
|---|---|---|
| Buyouts | 29 | 20 |
| Growth Capital | 26 | 23 |
| Venture Capital | 17 | 11 |
The relationship between 3i's measures of return is explained in detail in Returns and IRRs - an explanation.
Financial performance by business line (£m) for the year to 31 March 2006
SMI
3i's Smaller Minority Investments ("SMI") initiative, established in 2001, generates returns from some of our older investments. It is our objective to realise this portfolio in the near term. As at 31 March 2006, we held 526 SMI investments valued at £564 million, representing 14% by value and 48% by number of 3i's total portfolio (2005: 807 investments valued at £756 million).